Indian Plywood Industry: All Set to Hit USD 5.7 Billion Mark Soon
A recent report focussing on industry trends, growth opportunities, size, share, and forecast for 2019-2020 says that last year the plywood market in India achieved a gigantic value of around 5.0 Billion US Dollar, while registering growth at a CAGR of 5.2%.
In the last 10-12 years, the people’s capacity for making expenses on furniture has tremendously increased. Needless to say, all this is the outcome of globalization, European and western influences, growing incomes and people’s well-thought considerations to invest in the real estate sector.
Moreover, the introduction of a large number of new-age furniture designs has further elevated the demand for furnishing items among the people belonging to almost all income brackets. The fast-growing distribution network of companies dealing in the best quality plywood for home and furniture showrooms has also played a great role in pampering the market. On account of this, the Indian plywood market is expected to cross USD 5.9 Billion marks by the year 2024.
The report was based on the following points:
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Key growth and risk factors
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The performance which the market has made so far, along with future expectations
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The market-leading players in the Indian plywood industry and the overall structure of the market
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Total number of plants and the land areas they are established on
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Present machining setups as well as raw material requirements
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Capital costs, operating costs, pricing mechanisms, income, and expenditure, etc.
As per the report on end-user basis, there are 2 segments in Indian plywood market - residential and commercial. And residential sector is where around 65% of the total plywood that India produces is consumed.
The report also sheds light on:
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Macro overview as well as micro details of the Indian plywood market covering each and every significant aspect
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Industry performance
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Contemporary trends
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Key market challenges and drivers &
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SWOT analysis
The report offers a great insightful read to those who are:
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Planning to make an investment in the plywood industry
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Going to make their entrepreneurial foray into the industry
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Conducting any kind of research in the plywood industry
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Making any kind of business strategies
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Working as consultants
On the whole, with the people’s interest for customized furniture, plywood has become the most preferred material to make furniture. To make customized furniture, people buy construction material of their own choice and preference.
With sufficient awareness about interior designing and other aesthetical elements, people do a lot of research about the best material, and undoubtedly they find plywood scoring heavily over all other conventional furniture making materials. This factor is also supposed to be a great contributor to the whopping demand of plywood.
